The dollar held gains against its peers early on Wednesday, thanks to higher U.S...
TOKYO - The dollar held gains against its peers early on Wednesday, thanks to higher U.S. yields and better-than-expected data, while its Australian counterpart took a knock after disappointing economic growth figures for last quarter.
Economic growth came in at a disappointing 0.2 percent in the fourth quarter, below an expected 0.3 percent, an outcome sure to keep the Reserve Bank of Australia on heightened watch after it abandoned its long-held tightening bias last month.“Given that many forecasters were on 0.2 percent for fourth-quarter GDP , the price action on the Australian dollar is worrying,” said Sean Callow, senior currency strategist at Westpac in Sydney.
On Tuesday, the U.S. dollar rose as unexpectedly strong data on U.S. services industries and new home sales helped sooth some fears about the state of the world’s top economy. Yukio Ishizuki, senior currency strategist at Daiwa Securities in Tokyo, said the dollar’s recent strength against the single currency may not last.
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